Operating profit rose 20.8 percent in 2012 to €9.5 billion [$12.56 billion] from €7.9 billion [$10.44 billion] in 2011. Allianz noted that it had “achieved its operating profit target that had been raised in October 2012 to over 9 billion euros. Until then, Allianz had expected to earn an operating profit of €8.2 billion [$10.84 billion], plus/minus 500 million euros.”

The report also noted that net income attributable to shareholders more than doubled to €5.2 billion [$6.8874 billion]; its solvency ratio improved to 197 percent. Allianz explained that its “2011 result had been impacted by impairments from Greek sovereign debt and investments, particularly in financials.”

The bulletin also said Allianz would propose a dividend of €4.50 [$5.95] “per share at previous year’s level.”

The report said: “All business segments delivered double-digit growth in operating profit in 2012. Property and Casualty insurance benefited from an improved underwriting result including lower losses from natural catastrophes.

“The Life and Health insurance business stayed the course and successfully withstood a very competitive and challenging low-interest rate environment. Asset Management delivered another excellent year.”

“Shareholders’ equity increased to € 53.553 billion [$70.766 billion] from €44.915 billion [$64.976 billion] in 2011. At the end of 2012, the conglomerate solvency ratio was 197 percent, up 18 percentage points from 179 percent the year before.”

CEO Michael Diekmann said: “Our business had developed so well for the first three quarters that we raised our operating profit outlook. Despite the impact from the storm Sandy, we exceeded our forecast.

”Our results show how well our business model can handle the various turbulences from the financial crisis. The sustainability and continuity of our business are also reflected in our dividend policy. That is why we are again recommending a dividend of 4.50 euros per share, a payout ratio of 40 percent.”